Welcome to Velas Blockchain User Guides
GUIDE TO WITHDRAW OR MOVE STAKE IN VELAS WALLET
- The Velas Network is made up of a set of computers (nodes) distributed throughout the world.
- Any user who holds 1,000,000 VLX or more can run a node and setup a ¨Pool¨.
- Users who hold 10,000 VLX or more can use ¨Pools¨, to delegate their VLX and generate rewards.
- Every 6 hours (currently) 19 nodes are chosen based on their reputation. When a node is chosen, it will generate a reward at the end of the epoch and it will be distributed between and all delegates.
- Nodes and delegates generate rewards based on balance, the distribution of the reward generated in a node is 40% the for pool organizer (as a minimum), and 60% to be distributed among all the delegates based on their balance.
- The process is done through a smart contract that the user can finish and withdraw their balance whenever they want, totally safe and secure for the user.
HOW TO WITHDRAW YOUR STAKE
Access Velas Wallet
Choose Staking Menu
- After signing in, move to the left menu and hit on ¨Staking¨ > ¨Delegate¨.
Find your current pool
- You will be able to identify it because you will see the balance that you have delegated to it.
- Use the button on the right side to open the menu that allows you to withdraw the balance
- Depending on whether your current pool (node) is working as a validator on the network or not, there are two options.
Options #01 - The pool (node) is not a validator at the running epoch
- In this case, you just have to go down to the bottom and press ¨Withdraw¨, in a few seconds you will have the balance in the wallet.
Options #02 - The pool (node) is working as a validator at the running epoch
- In this case, the process is done in two steps, first ¨Request Exit¨ from the current pool.
- Come back when the current epoch is over and a new one has started, you can check how much is left for the next from the top in your wallet (¨Staking > Delegate¨).
- Once the change of epoch has happened, you just have to click on ¨Withdraw¨.
HOW TO MOVE YOUR STAKE
- After following the steps above, you will have your balance in your wallet.
- If you want to move your balance to another pool, you can follow the guide to become a delegate from the beginning.